The Importance Of Women owned businesses For Pakistan's Economy

Pakistan is an Islamic republic with a population of over 207 million people, making it the sixth most populous country in the world. 108.6 million males and 111 females make up the population of Pakistan, with the female making up 49.7% f the population & 51.46% male population. The country has a diverse economy, with sectors such as agriculture, textiles, pharmaceuticals, and tourism accounting for a significant portion of its GDP.

Women owned businesses play an essential role in Pakistan's economy. They account for a significant portion of the country's GDP and contribute to the overall diversity of the economy.

Pakistan has many women entrepreneurs who are successfully running businesses in various sectors. However, they face many challenges, such as cultural barriers, lack of access to financing, and limited networks.

Here in this article, we'll understand the importance of women owned businesses for Pakistan's economy, the challenges they face, how existing female entrepreneurs in Pakistan help each other, and how the government supports women in becoming successful entrepreneurs. We'll also look at how the Markaz app can facilitate women entrepreneurs in Pakistan.

The Importance Of Women owned businesses

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Women entrepreneurs improve a country's economic growth and stability. Women entrepreneurs inspire other women who want to start their own companies. This leads to additional employment opportunities for women, narrowing the gender gap.

Additionally, women owned businesses;

1. Contribute to Pakistan's GDP.

2. Create jobs for women.

3. Provide women with opportunities to start their businesses.

4. Help reduce poverty in Pakistan.

5. Play an essential role in the development of Pakistan's

Difference Of Women's Business As Opposed To Men's Business. How do their working styles differ?

One of the critical differences between women owned businesses and men-owned businesses is how they operate. Women owned businesses are typically more focused on building relationships and networks, while men-owned businesses are more task-oriented. This difference can be attributed to women and men's different roles in society.

Women are typically socialized as caretakers and nurturers, while men are socialized as providers and breadwinners. As a result, women owned businesses tend to be more people-centric, while men-owned businesses tend to be more product-centric.

Another difference between women owned businesses and men-owned businesses is how they are financed. Women owned businesses typically have less access to financing than men-owned businesses. Women are less likely to have the personal networks and connections necessary to secure funding.

Do Women Owned Business Profit More As Compared To Men Owned In Pakistan?

There is no definitive answer to this question. Some women owned businesses are extremely successful and profitable, while others are not. The success of a women-owned business depends on a number of factors, such as the sector in which it operates, the business's size, and the owner's entrepreneurial skills.

What is certain is that women owned businesses have the potential to be extremely successful. They need the same opportunities and resources that men-owned businesses have.

Types Of Women Entrepreneurs In Pakistan

1. Sole Proprietors: These women own and operate their businesses without any partners.

2. Partners In A Business: These women own and operate businesses with one or more partners.

3. Directors Or Managers Of Businesses: These women work for businesses owned by others.

4. Franchisees: These women operate businesses that are part of a larger franchise.

5. Home-Based Entrepreneurs: These women operate businesses from their homes.

6. Online Entrepreneurs: These women operate businesses online.

7. Social Entrepreneurs: These women operate businesses intending to make a positive social impact.

8. Eco-Entrepreneurs: These women operate environmentally friendly businesses.

9.Creative Entrepreneurs: These women use their creativity to start and run their businesses.

10. Micro-Entrepreneurs: These women own and operate small businesses.

What Are The Challenges Faced By Female Entrepreneurs In Pakistan?

Pakistan has a large number of women entrepreneurs who are successfully running businesses in various sectors. However, they face many challenges. Following is a list of factors Affecting Entrepreneurship Development for Women in Pakistan;

‍Aspiration and Attitude: Cultural barriers, lack of access to financing, and limited networks are some challenges women entrepreneurs face in Pakistan. Despite the challenges, women entrepreneurs in Pakistan are aspirational and have a positive attitude towards their businesses. They are passionate about their businesses and are committed to growing them.

• Personal Factors: Women entrepreneurs in Pakistan are motivated by a desire to be financially independent, create jobs, and contribute to the development of their communities.
• Family Circumstances: Women entrepreneurs in Pakistan often face family pressure to marry and have children, which can distract them from their businesses.
• Social Factors: Women entrepreneurs in Pakistan often face social stigma and discrimination. They may also be subjected to harassment and violence.
• Economic Factors: women entrepreneurs in Pakistan often lack access to financing and networks. They also face challenges in terms of getting government contracts.
• Cultural Factors: Cultural barriers, such as the preference for male children, can also hinder women's entrepreneurship.
• Lack of Network: In some cultures, women are not allowed to work outside the home or interact with men. This can make it difficult for women entrepreneurs to access networks and customers.
• Religious Beliefs: Some religious beliefs restrict women's roles and limit their ability to participate in business activities.
• Lack of Education and Training: women entrepreneurs in Pakistan often lack access to education and training. This limits their ability to develop and grow their businesses.
• Business Competition: women entrepreneurs in Pakistan often face competition from larger, more established businesses. They may also face competition from male-owned businesses.
• Economic and Business Environment: Pakistan's economic and business environment is often challenging for women entrepreneurs. They may face difficulties in getting government contracts, access to financing, and networking opportunities.

Despite the challenges women entrepreneurs face in Pakistan, they are a vital part of the country's economy. They play an important role in creating jobs, generating income, and contributing to the development of their communities.

How Is The Government Supporting Women owned businesses In Pakistan?

The government of Pakistan is committed to promoting women owned businesses and has put in place several initiatives to support them. These include the Prime Minister's Youth Business Loan Scheme, which provides access to financing for women entrepreneurs, and the women's business incubation program, which helps women entrepreneurs develop and grow their businesses.

Which Sector Do Pakistan Women Entrepreneurs Prefer To Work In?

Pakistan women entrepreneurs are active in various sectors, including agriculture, manufacturing, retail, and services. They often prefer to work in industries that are traditionally considered to be women's work, such as healthcare, education, and beauty. However, women are also increasingly venturing into other sectors, such as technology, finance, and construction.

List Successful Pakistani Female Entrepreneurs And Their Businesses

Muniba Mazari – artist, activist, motivational speaker, and television host

1. Fehmida Mirza: Former Speaker of the National Assembly of Pakistan, Politician
2. Seema Aziz: Founder and CEO of Careem, a transportation network company
3. Maria Umar: Founder of Daraz Pakistan, an online shopping platform
4. Sharmeen Obaid-Chinoy: journalist, film director, and producer
5. Farah Naz: Founder of Fnk Asia, a women's fashion retail brand
6. Nighat Dad: Founder of the Digital Rights Foundation, a Pakistani nonprofit organization that works on internet freedom issues
7. Uzma Hassan: Actor and model
8. Sana Taseer: activist working for women's rights in Pakistan
9. Samina Baig: mountaineer, the first Pakistani woman to climb Mount Everest
10. Noreen Kapadia – women's rights activist and co-founder of Aurat Foundation
11. Rubina Qureshi – social entrepreneur and founder of The Citizens Archive of Pakistan
12. Samar Minallah Khan – documentary filmmaker and human rights activist
13. Shehrbano Taseer – journalist and human rights activist
14. Uzma Gillani – women's rights activist and co-founder of Sisters Trust Pakistan

How Much Have Women owned businesses Contributed To Pakistan's GDP In The Last Five Years?

Women owned businesses have contributed significantly to Pakistan's GDP in the last five years. In 2015, women owned businesses accounted for 3.8% of Pakistan's GDP. This figure was expected to grow to 4.3% by 2020.

What Is The Role Of Women's Organizations In Supporting Women Entrepreneurs In Pakistan?

Women's organizations play an essential role in supporting women entrepreneurs in Pakistan. They provide women with access to training, financing, and networking opportunities. Women's organizations also advocate for women's rights and help women to navigate the challenges of doing business in Pakistan.

Some women's organizations that support women entrepreneurs in Pakistan include the Pakistan Women's Chamber of Commerce and Industry, the Federation of Pakistan Chambers of Commerce and Industry, and the Lahore Chamber of Commerce and Industry.

How Can Markaz App Help In Growing Women owned businesses In Pakistan?

Markaz App can help women entrepreneurs in Pakistan to grow their businesses in several ways.

1. It can give women access to training and resources on starting and growing a business. 
2.  It can connect women entrepreneurs with mentors, investors, and other support networks. 
3.  It can help women to find markets for their products and services. 
4. It can provide women with access to financing opportunities. 
5.  It can help women to promote their businesses through its marketing and advertising platform.

Conclusion

Women owned businesses are playing an increasingly important role in Pakistan's economy. They are contributing to GDP growth, creating jobs, and driving innovation. However, women entrepreneurs face many challenges, such as access to financing, markets, and training. Women's organizations can play a vital role in supporting women entrepreneurs by providing them with access to resources and networks. Markaz App can also help women entrepreneurs to grow their businesses by providing them with training, resources, and marketing opportunities.